“o In bubbles, infatuation with market momentum takes over from any notion of value and fair price, and greed (plus the pain of standing by as others make seemingly easy money) neutralises any prudence that might otherwise hold sway.” — Howard Marks Copy Share Image
“The process of intelligently building a portfolio consists of buying the best investments, making room for them by selling lesser ones, and staying clear… — Howard Marks Copy Share Image
“If one is approached with a deal predicated on cycles having ceased to occur, remember that invariably that’s a losing bet.” — Howard Marks Copy Share Image
“The last four and a half years have been carefree, halcyon times for investors. That doesn’t mean it’ll stay that way. I’ll give Warren… — Howard Marks Copy Share Image
“•Scepticism and pessimism aren’t synonymous. Scepticism calls for pessimism when optimism is excessive. But it also calls for optimism when pessimism is excessive.” — Howard Marks Copy Share Image
“Risk arises as investor behaviour alters the market. Investors bid up assets, accelerating into the present appreciation that otherwise would have occurred in the… — Howard Marks Copy Share Image
“Most people view risk taking primarily as a way to make money. Bearing higher risk generally produces higher returns...But it can’t always work that… — Howard Marks Copy Share Image
“HOWARD MARKS: Fear of looking wrong: Not only should the lonely and uncomfortable position be tolerated, it should be celebrated.” — Howard Marks Copy Share Image
“In good years, defensive investors have to be content with the knowledge that their gains, although perhaps less than maximal, were achieved with risk… — Howard Marks Copy Share Image
“Everything you needed to know in the years leading up to the crash could be discerned through awareness of what was going on in… — Howard Marks Copy Share Image
“An accurate opinion on valuation, loosely held, will be of limited help. An incorrect opinion on valuation, strongly held, is far worse. This one… — Howard Marks Copy Share Image
“There aren’t always great things to do, and sometimes we maximize our contribution by being discerning and relatively inactive. Patient opportunism – waiting for… — Howard Marks Copy Share Image
“little known and not fully understood; fundamentally questionable on the surface; controversial, unseemly or scary; deemed inappropriate for “respectable” portfolios; unappreciated, unpopular and unloved;… — Howard Marks Copy Share Image
“Once in a while, however, the future turns out to be very different from the past. It’s at these times that accurate forecasts would… — Howard Marks Copy Share Image
“If everyone likes it, it's probably because it has been doing well. Most people seem to think that outstanding performance to dates presages outstanding… — Howard Marks Copy Share Image
